Genedrive (LON: GDR) shares are up over 2% on Tuesday following an update on its new system platform, designed for the upcoming launch of the Genedrive MT-RNR1 assay, used for the detection of Antibiotic Induced Hearing Loss (AIHL) in newborns.
The Genedrive MT-RNR1 assay targets the m.1555A>G mutation genotype.
The company said that if a baby carrying the mutation is given the antibiotic gentamicin, a standard treatment for bacterial infections, it can cause lifelong deafness.
According to Genedrive, in the UK, there are approximately 90,000 babies admitted to NICUs each year who could benefit from this screening test.
An implementation trial of the Genedrive MT-RNR1 assay was performed on 750 newborns by Manchester and Liverpool Hospitals and concluded in November 2020, with the results now submitted for publication.
The company will be seeking CE mark clearance for the system in the upcoming weeks before its launch.
David Budd, CEO of genedrive, said: “It has been very rewarding to see the positive effect of point of care AIHL testing, and the feedback and engagement of the NHS teams has been a tangible benefit to the company and will ultimately be a key driver of adoption in the market place. Following this refinement of the overall AIHL system, we are looking forward to the impending commercial launch and the improved healthcare outcomes it will offer as an innovative point of care test in a NICU care setting.”
Genedrive shares are currently up over 2% at 46.95p.
Genedrive shares are traded on the London stock exchange's AIM market (the alternative investment market), which is the submarket specifically for smaller companies. AIM stocks are attractive to investors as they have tax advantages and smaller companies have the potential to benefit from rapid growth. But are GDR shares the best buy? Our stock market analysts regularly review the market and share their picks for high growth companies
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